47 votes

Another Obama Executive Order Allows Seizure of Americans’ Bank Accounts

The latest executive order (EO) emanating from the White House October 9 now claims the power to freeze all bank accounts and stop any related financial transactions that a “sanctioned person” may own or try to perform — all in the name of “Iran Sanctions.”

Titled an “Executive Order from the President regarding Authorizing the Implementation of Certain Sanctions…” the order says that if an individual is declared by the president, the secretary of state, or the secretary of the treasury to be a “sanctioned person,” he (or she) will be unable to obtain access to his accounts, will be unable to process any loans (or make them), or move them to any other financial institution inside or outside the United States. In other words, his financial resources will have successfully been completely frozen. The EO expands its authority by making him unable to use any third party such as “a partnership, association, trust, joint venture, corporation, subgroup or other organization” that might wish to help him or allow him to obtain access to his funds.

And if the individual so “sanctioned” decides that the ruling is unfair, he isn't allowed to sue. In two words, the individual has successfully been robbed blind.

Continued at :-

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

You have guns...

...but they have tanks.

No one should ever have to be paranoid about protecting the physical manifestation of their purchasing power. With Bitcoin, you as long as you can reach a communications terminal, you can spend what you've earned. No safes, no lock-boxes, no guns required.

Keep the guns, though, for when they try to sieze what you've already purchased. ;)

Bitcoin does not require The Internet

(Contrary to what many here think, Bitcoin does NOT require "the internet" as Bitcoin is its own network of peers. Thus, it is not subject to SHTF or internet kill-switch scenarios.)

How are you going to use your bitcoins if the Internet is unavailable? Fax? Pony express?

It's only true to say that bitcoin doesn't require "The Internet" if you capitalize "Internet". Because what we call "The Internet" http://en.wikipedia.org/wiki/Internet is one particular instance (and by far the most important and biggest and best known instance) of something called "an internet" or "an internetwork" http://en.wikipedia.org/wiki/Internetwork.

Those bitcoin peers communicate using TCP/IP, AKA the "Internet Protocol Suite." http://en.wikipedia.org/wiki/Internet_protocol_suite So to use bitcoin you need "an internet" but not necessarily "The Internet." However, at present the only internet that provides what bitcoin needs happens to be "The Internet." So for all practical purposes, that's what you need. The Internet. If the the Internet backbone is down, for any reason, you're not only going to be missing out on the Daily Paul, you're not going to be spending any bitcoins.

If you wanted to set up an alternative internet for bitcoin (and it would be useful for many other things too!) it's a big task because you need worldwide connectivity, or else the bitcoin protocol doesn't work as intended. Suppose bitcoin users in Europe aren't able to synch up with bitcoin users in the USA for a few weeks. When connectivity is restored, if the longest block chain is the European one all of the transactions in the USA from that period are nullified. Imagine that you sold all that extra ammo you stockpiled in exchange for a large number of bitcoins only to find that when global connectivity is restored the transaction is null and void. For examples of the kinds of problems that would arise without full connectivity, see the discussion here: https://bitcointalk.org/index.php?topic=75971.40

There's no effective way to detroy the internet

Youe post mentions two separate things.

First, the protocol, TCP/IP is a language. It can't be shut down any more than the English language can be shut down. If you have a cell phone in your pocket, you are able to speak the language of the internet with any other TCP/IP-capable device (and there are _billions_ of them out there). And that's all the internet is... a bunch of computers talking the same language.

The complication arises from thing number two: conduit. Currently, we communicate through ISPs (Internet Service Providers). They own the fiber, and they charge us monthly to use it. In situations like China, where the government IS the ISP, an authoritative body decides what travels along that fiber. Even now, however, users in China circumvent the "Great Firewall" using VPN, proxy servers or technologies like Tor (which essentially scatters your page requests across the entire Tor network, thus obfuscating your browsing to the point at which it cannot be tracked).

There is no way to completely block people from accessing the greater Bitcoin network. Bitcoin people are clever. Even in a catastrophic event that threatens to separate the blockchain via a netsplit (interesting forum post, btw) I firmly believe there will be enough enterprising users who will maintain connectivity to the rest of the network (120 is all it takes, if I understand that post correctly).

What kind of SHTF scenario includes global data connectivity?

Bitcoin, as it currently works, doesn't create a communication network, it *requires* a communication network, and the communication network it uses is the Internet. The internet only exists if the backbone is working. http://en.wikipedia.org/wiki/Internet_backbone Lose that, either because of a killswitch or because of a SHTF scenario, and bitcoin stops working. Your cell phone doesn't work, the phones don't work (at least not internationally). There's no VPN/Tor/etc. workaround because the issue isn't filtering the issue is the lack of connectivity.

In theory an alternative network could be cobbled together (short wave packet radio maybe?) but think about it this way. In a SHTF scenario you'll be buying and selling locally. To spend bitcoins to buy a box of ammo from your neighbor across the street you need global data communication (not to mention working computers and the electric power to run them) so that the transaction is properly recorded, because otherwise the transaction would be nullified later by longer block chains if full connectivity were eventually restored. How likely is that?

You may want to research the

You may want to research the major traffic exchange points on the east and west coasts. If they go down, the internet is down for the majority of us.

TCPIP is fine as long as routing and traffic peering are in place. Those could stop (perhaps corrupt border routing rules, or feds say so).

If you think that 120 people

Sorry to be blunt, but if you think that 120 bitcoin-users in the U.S. wouldn't find a way out of a nation-wide firewall, you're dellusional! These are already Red-Pill people who've taken it upon themselves to protect the fruits of their labor by devolping a cyrptologically un-hackable, decentralized currency. They're not going to let a technologically-ignorant tyrannical government to stop them.

Also, physical cable is a luxury, but not a necessity.

You've misunderstood

the "120 block limit" comment on that thread I linked, assuming that's what you're talking about here. It doesn't mean anything like what you're saying.

You've also misunderstood the nature of the internet being down in a SHTF scenario or with an internet kill switch. http://en.wikipedia.org/wiki/Internet_kill_switch "An Internet kill switch is the cybercrime and countermeasures concept of activating a single shut off mechanism for all Internet traffic." You're talking about firewalls. A SHTF scenario that takes down the internet backbone infrastructure is nothing at all like a firewall.

Also, physical cable is a luxury, but not a necessity.

Physical cables are what carry your internet traffic across the oceans and around the world. What are you going to use as an alternative if the internet backbone isn't operational in a SHFT scenario? How does your version of the block chain make its way to Europe, Asia and Australia so that the transaction you want to make with your next door neighbor is properly recorded and won't be nullified later?


Technically, you only need 1 person to have the "global" block chain.

It doesn't take a rocket scientist to set up a microwave transmitter which will wirelessly transfer data signals several hundred yards. Certainly that will get you into Canada or Mexico. There are submarine communications cables that run out through Canada and South America.

In an absolute worst-case scenario where North America is divorced from the rest of the world, I'm confident there would be consensus to fork Bitcoin into NA-Coins, and figure out the rest later.

This is all hypothetical and highly unlikely anyway. The point is that Bitcoin is a currency that is easier to protect from invaders than precious metals.

Two quick points

One, I think you're wrong on the technical points. The global block chain needs to be accessible by everyone who is going to use bitcoins in trade. That's how the protocol works! If you only make it accessible to a handful of people then they can only trade with each other.

Second, and more importantly, given how it works the case you're making is that Bitcoin is *harder* to protect. To protect Bitcoin you need to protect some kind of global data network that connects *every* bitcoin user in every country, or else you can't spend those algorithmically-blessed integers at all. You can't protect your own bitcoins without protecting all of that global infrastructure. How likely is that in any major sort of SHTF scenario?

On the other hand, people have been managing to protect their own individual gold for several millennia.

this started long ago, if you

this started long ago, if you have a wells fargo account, I do, in order to transfer monies to another customer of the bank, or your WIFE ACCOUNT at Wells Fargo you are giving the bank the right to pay your bills or use your money as they see fit.

This is in the agreement you have to agree to, or you cannot transfer monies at Wells Fargo.


We're going to sanction Iran and continue

to curb civil liberties regardless of who's in the White House. I'd rather we at least respect the first amendment, lower taxes, cut regulations, rid ourselves of Obamacare, and get decent Supreme Court Justices on the Court instead of Constitution-shredding Progressives while we sanction Iranians. I also do not believe Romney will act like a dictator with his use of the EO.

The only solution

is hard money.

When they declare society 'sanctioned' what will stop them from seizing every dollar in every bank under the Federal Reserves control?

"It does not take a majority to prevail but rather an irate, tireless minority keen on setting brushfires of freedom in the minds of men."

--Samuel Adams

What's his reasoning for timing?

Why are these draconian EO's written and signed long before they are used? If he has the power to write them, why doesn't he just write and sign them when he needs them at the moment? If he has the illegitimate power to seize the internet or industries or bank accounts, why doesn't he wait until he's ready to use that power?

"You must be frank with the world; frankness is the child of honesty and courage...Never do anything wrong to make a friend or keep one...Above all do not appear to others what you are not" - Robert E. Lee, CSA

Oh wait! This isn't on sanctioned countries? This is anyone?

Lol. Well my second amendment should suffice to insure my equity in rem. protect yourself, hold physical...but not with you... Find someone you can trust as bailmen

A true flower can not blossom without sunlight and a true man can not live without love.

I'm so worried about older rural families being duped into hate

It appears Iranians are becoming akin to Jews in the holocaust and japs in California after pearl harbor.

A true flower can not blossom without sunlight and a true man can not live without love.

Ethnic slur is offensive

I take offense at your use of the word “jap” which is a very derogatory word and one that is out of place on this web site. It is tantamount to using the “n” word. Please henceforth substitute with the correct term which is Japanese. You may have meant it as an abbreviation, but it is not appropriate. Thank you.


sorry if I hurt your feelings.

no offense intended.

A true flower can not blossom without sunlight and a true man can not live without love.



what does rural have to do

what does rural have to do with anything?

was waiting to hear this

I knew this EO would happen.

Keep real money.

Best way to prevent this from happening to you is to remove all your money from banks.

opt out

I have about $120 in a checking account. I do use credit cards, which I pay via money order purchased with cash. The less we support the banks, the less power the banks have.

If you must stay in the system, at least go to a local credit union. They have the same services and often better rates.

Pretense of War. Just like

Pretense of War. Just like FDR seizing gold to pay for tanks and planes.

Southern Agrarian

Cyril's picture

Pres. Executive Orders = unconstitutional usurpation of power

Presidential Executive Orders =

unconstitutional usurpation of power =

judicial + legislative + executive powers in the same hands.

Here is how the increasing usurpation has worked and will continue to work until the people realize it :

SUPPOSEDLY, executive orders are for the executive branch to help its OWN INTERNAL operations, the orders being issued IN PURSUANCE of certain acts of Congress.

And here's the thing !

WHATEVER are those "certain acts of Congress" (e.g., passing a new law, or amending one, etc), NOTHING in the Constitution ALLOWS the President to issue such a form of EXTENSION (DE FACTO) OF LAW that ISN'T DISCUSSED in Congress !

This is intellectual FUZZINESS, LAZINESS, AND LOOSE RESPECT for language and what words mean.

ANYTHING that has FORCE OF LAW **IS** LAW, and as such, MUST be passed by Congress.

How long before people BOTHER re-opening dictionaries again ?

"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

My god....

This is just pure lunacy. THis man will stop at nothing

Every American Should Call Their Senators and Reps in Congress

and DEMAND that they do something to counter Obama's unconstitutional executive orders.

But we won't do anything, and neither will they. And Obama knows it.

Funny you say "Obama." Obama

Funny you say "Obama." Obama is not in charge. The real culprits don't run for office.

Well that's just fine

I for one am glad that I can have my bank account emergency taxed in order to keep the country afloat. USA! USA!